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Technical Analysis Report: Nifty remains range bound; VIX Cools but Weakness in INR Persists
Market Commentary
Technical Analysis Report: Nifty remains range bound; VIX Cools but Weakness in INR Persists
Posted On : 2026-05-19 20:46:34( TIMEZONE : IST )
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty continued to consolidate and ended the session at 23,618.00, marginally lower by 0.14%. The daily chart formed a small-bodied candle, reflecting limited directional movement as the index oscillates around the 38.2% Fibonacci retracement level. The index is currently positioned in the lower half of the Bollinger Band, with the middle band placed at 23,950 and the lower band at 23,330. The 50% Fibonacci retracement at 23,400 continues to act as the floor for the recent trading range.
The MACD has turned negative, while the RSI remains near 44, remaining below the neutral zone. India VIX declined 4.87% to settle at 18.67. USD-INR settled at 96.53, marking another fresh all-time low for the rupee.
On the downside, the 23,400-23,260 zone, aligns with the 50% Fibonacci retracement, which remains the immediate cushion. On the upside, the 23,850-24,000 zone, aligns with the middle Bollinger Band and remains the immediate resistance band. Nifty may remain range-bound, and a breakout on either side would determine the next directional move.
Nifty Bank ended the session at 53,409.15, declining 0.24%, as the index continued to trade in a narrow range without any meaningful recovery attempt. The daily chart formed a small bearish candle, reflecting limited participation from both the sides. The index is positioned near the 50% Fibonacci retracement level placed around 53,700, with today's close slipping below this mark. The 61.8% Fibonacci retracement at 52,820 aligns closely with the lower Bollinger Band and marks an important support zone.
Nifty Bank remains below all its key moving averages, reflecting the significant ground the index still needs to recover before the broader structure improves. The RSI is placed around 40, hovering close to the oversold zone. The MACD remains deeply negative, with the histogram continuing to expand on the downside.
On the downside, the 52,800-52,680 zone acts as the next support area. On the upside, the 53,800-54,200 zone becomes the immediate resistance band. The near-term outlook remains range-bound as long as the index continues to trade below all its major moving averages.
